Silence Therapeutics plc

For the year ended December 31, 2024, Silence reported revenue of $43.3 million versus $31.6 million in 2023, an increase of $11.7 million. Cost of sales was $11.8 million versus $12.9 million, R&D expense was $67.9 million versus $56.9 million, and G&A expense was $26.9 million versus $26.2 million. The company reported net operating loss of approximately $63.3 million versus $64.4 million in 2023, and net loss of approximately $45.3 million versus $54.2 million in 2023. Cash, cash equivalents and short-term investments were $147.3 million at December 31, 2024, including $121.3 million of cash and cash equivalents and $26 million of short-term investments. Management did not provide numeric next-quarter revenue or EPS guidance; instead, it guided to selective 2025 investment, full enrollment in SANRECO Phase 2 by year-end, a Phase 1 start for SLN548 in the second half of 2025, and a projected cash runway into 2027 after delaying zerlasiran Phase 3 until partnership.

Craig Tooman framed 2024 as a year of strong clinical execution and portfolio progress, emphasizing positive Phase 2 data for zerlasiran and positive Phase 1 data for divesiran. His tone was confident but more disciplined on capital allocation, as he said 2025 spending will prioritize rare conditions and that zerlasiran Phase 3 will only begin once a partner is secured. He stressed that this choice reflects shareholder feedback and preserves flexibility to invest in the broader pipeline.

Rhonda Hellums highlighted the $43.3 million of 2024 revenue, driven largely by collaboration arrangements, including the $24.6 million Hansoh cumulative catch-up and about $144,000 of Alnylam royalty revenue. She walked through the cost profile: cost of sales of $11.8 million, R&D of $67.9 million, and G&A of $26.9 million, with the G&A increase tied mainly to U.S. domestic issuer and U.S. GAAP transition costs. She also reiterated the cash position of $147.3 million and said the decision to wait for a zerlasiran partner extends the projected runway into 2027.

Analysts focused heavily on zerlasiran partnering: questions centered on the importance of HORIZON timing, possible partnership structures, readiness to start Phase 3, and whether partners could alter the Phase 3 design. Management said it would not comment on specifics, but noted Phase 3 readiness work is on track for completion by mid-year and that the design is highly differentiated, with regulatory discussions already held. On divesiran, analysts asked about differentiation versus rusfertide and potential expansion into hereditary hemochromatosis; management said the main differentiation is likely to be infrequent dosing and strong control of hematocrit/phlebotomy need, and that HH is being examined but no additional trial work has been declared.